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Many people make improvements in their home with an eye towards increasing its value. Should you ever sell one day, maximizing your profit is an appealing thought. But, in the zeal to upgrade and beautify, you may be making moves that could thwart this goal. Here are some of the more common mistakes to watch out for.
Standing Out TOO Much
While you certainly want to give your home some pop and an edge over others in the neighborhood that will lure potential buyers, don’t go overboard here. You can’t upgrade your home beyond the standard set in the neighborhood, lest you will end up losing lots of money since you will never recoup the renovation costs with an increased sale price. If people are looking at homes in a particular area, they are likely not expecting, or desiring, certain features, and will probably have no interest in paying more for house that has them. So, think twice about that ultramodern kitchen or superfancy inground pool. If you really want these things for yourself, go for it. But, if home value is topofmind, be careful.
Consistency in renovating for increased home value is key. People won’t just be focusing on the upgraded elements, but the house as a whole, and everything needs to flow well together. Be careful of spending all your money in one or two areas, and neglecting the rest of the home.
A room addition can be a great way to add value to your home and increase its appeal. But, make sure the style, size, and design integrate well with the rest of the home, or it could end up feeling out of place.
If your house has an oldtime charm feel, a kitchen dripping in stainless steel probably won’t be very appealing. Don’t make certain areas so new and shiny that the rest of the house looks bad in comparison.
Being Overly Trendy
Like clothing, interior design is prone to trends. Certain looks fall out of favor, and new ones take their place. While you want to give your home a modern feel, and avoid designs that are strongly associated with a time that is no longer, you don’t want to go overboard here. Unless of course, you have tons of money and can redo everything again in a few years as you see fit. But, most people don’t fall into that category, so resist the urge to leave the space dripping in ‘trendy.’ Some touches here and there are certainly fine, but the core of the design should be something more neutral and classic.
Getting Too Personal
While it is always a good idea to let some of your personality and personal taste shine through a remodeling project, avoid getting too personal if increasing resale value is your primary motivator. So, when going about making changes to your home, make sure you consider the appeal of certain elements to a potential buyer, who may be absolutely nothing like you.
Always keep functionality in mind when doing home renovations. Failure to do so may reduce appeal to potential buyers. For example, don’t set up bedrooms so you can only enter one by going through another. Turning that garage into a guest house might work well for you, but most people would probably prefer a garage.
Shoddy DIY Work
If you have the skill and time, you can save a lot of money on renovations and repairs by doing all, or at least, part of the work yourself. But, unless you really know what you’re doing, these projects could negatively affect your home value. So, either get a pro to do it right the first time, or realize you may have to get some stuff ‘redone’ should you decide to sell.
Improving your home to increase value is certainly a worthy use of your time and money. But, don’t assume any improvement is a good one. Think carefully before starting a project. With proper forethought, you’ll make smart decisions.